Rhode Island mortgage calculator
Prefilled with Rhode Island’s numbers, not national averages. The effective property tax rate here is 1.37% and the average homeowners premium is about $2,000 a year. Both are already in the calculator below.
Rhode Island mortgage calculator
Principal and interest schedule
Tax and insurance are collected alongside the loan but are not part of it, so they are excluded here.
What Rhode Island actually costs a homeowner
Statutory caps on annual levy growth, and separate rates for owner-occupied, non-owner-occupied and commercial property in several cities.
On the state median home value of $368,800, the property tax bill works out at roughly $5,053 a year, or $421 a month before anything else. That is above the national effective rate of 0.86% — 1.6 times the US average.
Insurance is the other half of the escrow payment. At about $2,000 a year, Rhode Island sits below the national average of roughly $2,400. Together, tax and insurance add around $588 a month to the loan payment on a median-priced home here.
Why your bill will differ
The figure above is a state average, and property tax is set locally. Two houses of the same value in different counties of Rhode Island can carry bills that differ by thousands. Check your county assessor before treating any estimate as final, and check whether a homestead exemption applies to you — in most states it does, and in several it is substantial.
Close to the national middle
Rhode Island’s 1.37% sits near the national effective rate of 0.86%, which makes the local variation more important than the state average. County millage does more to your bill here than the state figure suggests.
The tax bill dwarfs the premium
Property tax here runs about $5,053 a year against roughly $2,000 for insurance — 2.5 times as much. That makes the assessment the number worth contesting. Most jurisdictions allow an appeal within a short window after the notice, and a successful one compounds every year you own the house.
Stepping up from the median
At $550,000 — about half again the Rhode Island median — the annual tax becomes $7,535 and the escrow portion of the payment rises to roughly $795 a month. With 20% down at 6.5% over thirty years, the all-in payment is about $3,576.
Comparison with neighbouring states
Rhode Island and its neighbours
| State | Effective rate | Median home value | Median tax bill |
|---|---|---|---|
| Rhode Island | 1.37% | $368,800 | $5,053 |
| Ohio | 1.41% | $199,200 | $2,809 |
| Iowa | 1.40% | $181,600 | $2,542 |
| Pennsylvania | 1.36% | $241,500 | $3,284 |
| Kansas | 1.33% | $183,800 | $2,445 |
Effective rate is median real-estate tax paid divided by median home value. Insurance figures are broad state averages and move quickly, especially on the Gulf coast. Both are estimates for orientation, not quotes.
Tax and insurance by price in Rhode Island
| Home price | Annual tax | Tax / mo | Insurance / mo | Escrow / mo |
|---|---|---|---|---|
| $150,000 | $2,055 | $171 | $167 | $338 |
| $250,000 | $3,425 | $285 | $167 | $452 |
| $350,000 | $4,795 | $400 | $167 | $566 |
| $500,000 | $6,850 | $571 | $167 | $738 |
| $750,000 | $10,275 | $856 | $167 | $1,023 |
Property tax at the Rhode Island effective rate of 1.37%. Insurance held at the state average, which understates it on larger homes.
Guides that explain this
Written with the same engine, so every figure agrees with the calculator.
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How your credit score sets your interest rateWhat a credit score is built from, how score bands translate into real rate differences and dollars, and which actions move a score quickly versus slowly.10 min read
Questions people actually ask
What is the property tax rate in Rhode Island?
The effective rate is about 1.37%, measured as median real-estate tax paid divided by median home value. On the state median home value of $368,800 that is roughly $5,053 a year. Local rates vary considerably within the state.
How much is homeowners insurance in Rhode Island?
The state average runs around $2,000 a year, below the national average of roughly $2,400. Premiums vary widely by construction, claims history and distance from the coast.
What is the monthly payment on a median-priced home in Rhode Island?
With 20% down on the $368,800 median value at 6.5% over 30 years, principal and interest come to about $1,863 a month, plus roughly $588 for tax and insurance.